• MisterChief@lemmy.world
    link
    fedilink
    English
    arrow-up
    7
    ·
    1 year ago

    I agree with the sentiment of your concern as it is a shit load of info. Only part I would disagree with is that nobody explains it. Depends on your realtor of course but mid-pandemic lockdowns my realtor sat down with my wife and I and went page by page, all printed out, and explained everything. Stopped periodically to see what questions we had, and even light heartily quizzed us. He showed us where he was making money, where the bank makes money, what was likely to happen the moment we signed with the mortgage (sold to a different lender), and where our risks were.

    It was a lot. And I don’t look forward to it. But in a day and age where anything can be searched online at your fingertips due diligence is expected by both parties and I felt comfortable going into the closing feeling we had covered most everything.

    • alex@lemmy.daqfx.com
      link
      fedilink
      English
      arrow-up
      1
      ·
      1 year ago

      You can search online for years. Some knowledge only comes from experience. My second time was 1000% better because I knew what to expect and roughly knew where I’ll get fucked and how much it will cost me.

      Even with the best realtor, the whole experience is still one of “let’s just get this shit over with”. Been at this for likely months at this point. A bunch of people breathing down your neck between realtors, escrow company, loan broker, sellers, other buyers, etc.

      What will happen if you discover you’re getting screwed by ~$4-7K in today’s market with properties going well over asking, ~$50k in escrow account and a day left on your fourth extension that seller begrudgingly accepted. Nothing - you’ll sign the paperwork like a good boy and shell out the extra money. No alternatives at this point.